JF 4119: Recession Edge, Millennial Spending Wave and a New CRE Cycle Ahead with John Chang

The Best Ever CRE Show

Best Ever CRE

Entrepreneurship, Investing, Business

4.7 • 996 Ratings

🗓️ 14 December 2025

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

John Chang shares a solo market update from ICSC New York City, outlining what he’s hearing from top researchers and brokers across the retail real estate world. He breaks down why uncertainty and slower job growth are stretching decision-making, while consumer debt headlines look less alarming when viewed against income levels, savings/money market balances, and delinquency trends. He also highlights tailwinds from millennials moving into prime earning/spending years and notes retail’s leadership in the NCREIF total return index. Get 50% Off Monarch Money, the all-in-one financial tool at www.monarchmoney.com with code BESTEVER Visit bestevercrypto.com today to get started and earn up to $2,500 in bonus crypto. Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/ Join the Best Ever Community The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria. Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Why are businesses like HelloVet choosing Apple products and services?
0:04.8	So we started the business two years ago.
0:07.2	We had a few people who were used to PCs and this was their first foray into Macs.
0:12.5	But it's been super smooth getting everyone onto those devices and everyone seems really, really happy.
0:18.0	Find out how Mac can help you run and grow your business at Apple.com forward slash
0:23.6	HelloVet.
0:27.6	Welcome back, best ever listeners to the Horizon podcast.
0:32.9	So I had another busy week.
0:36.3	It's been that way.
0:38.8	It was at New York City's ICSC conference, and I'm going to share a few insights I picked up at ICSC, as well as my conversations with a variety of people from across the industry, some of the top
0:56.2	researchers, as well as some of the top brokers from the industry, and just share what I'm
1:02.7	hearing as I'm out on the road.
1:05.5	I'm also going to give a sneak peek.
1:16.4	How's that? A sneak peek. January 22nd, put it down your calendar.
1:24.2	The invitations have not been sent out for this yet. But on January 22nd, Marcus Milchap's CEO,
1:28.6	Hassam Nagy, will be doing a live webcast with Mark Zandi.
1:30.7	Wait for it. We also have Sharon Wilson, Janow from the NMHC and Mark Selvitelli from NAOP.
1:40.5	So the leaders of two of the biggest industry organizations, National Multi Housing Council, and
1:49.2	NAOP, predominantly focused on industrial and office properties.
1:55.7	We're going to have the leaders from those two organizations, as well as one of the leading
1:59.4	economists in the country,
2:01.6	uh, the chief economist from Moody's,
	...

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